Sands to Sell Las Vegas Properties for $6.25 Billion to Apollo Global, REIT
Las Vegas Sands Corp. agreed to sell its Las Vegas properties to Apollo Global Management Inc. and a real-estate investment trust for about $6.25 billion as the casino operator exits the gambling hub to focus on its core Asia operations.
Sands’ sale of the Venetian Resort and its convention center comes as the Covid-19 pandemic has roiled the casino industry with temporary shutdowns, reduced travel and limited occupancies. Hopes for a recovery in Las Vegas this year depend on how many tourists and business travelers will return after vaccines are widely distributed.
The casino operator had said in October that it was considering a sale of the Vegas assets. After the death of founder Sheldon Adelson in January, Sands executives said the company would continue to invest in its Singapore and Macau casinos, which generate most of the company’s revenue.
“As we announce the sale of the Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history,” Chief Executive Officer Robert Goldstein said Wednesday. “Asia remains the backbone of this company, and our developments in Macau and Singapore are the center of our attention.”
Sands plans to keep its headquarters in Las Vegas, a spokesman said. The company has been considering expansion opportunities in New York and Texas, Sands executives have said, and it will also explore opportunities in online gambling.